Barron's MFQ

Playing It Close to the Vest

LiquidNet, BIDS, dark pools and other ways to mask big trades.

IN MOST BUSINESSES, THE BIGGEST customers can cut a sweeter deal from vendors than smaller ones get. But not in the stock market.

Mutual funds and other big-money players who need to buy and sell shares in vast quantities are increasingly vexed by the market's inability to absorb large blocks quickly without affecting the price and telegraphing their intentions. Meanwhile, the individual punter buying 100 shares in a...